BILIBILI(US:BILI) Shang Hai Zheng Quan Bao·2025-11-13 14:13Core Insights - Bilibili reported a total revenue of 7.69 billion RMB for Q3 2025, marking a 5% year-on-year increase, with adjusted net profit soaring by 233% to 790 million RMB [2] - The revenue structure has diversified, with contributions from value-added services, advertising, gaming, and IP derivatives at 39%, 33%, 20%, and 8% respectively [2] - The advertising revenue reached 2.57 billion RMB, growing 23% year-on-year, with significant contributions from luxury goods, beauty, and automotive sectors [2] Revenue Breakdown - Value-added services revenue was 3.02 billion RMB, up 7% year-on-year, with a total of 25.4 million annual members, 80% of whom are annual or auto-renewal subscribers [4] - Gaming revenue for Q3 was 1.51 billion RMB, supported by long-term operational strategies for popular titles [2][4] - AI-related advertising revenue surged nearly 90% year-on-year, reflecting the growing interest in AI content on the platform [2] User Engagement - Daily active users reached 117 million, with monthly active users at 376 million, and average daily usage time increased to 112 minutes, all historical highs [4] - The platform's gaming content viewing time grew by 22% year-on-year, indicating strong user engagement in gaming [4][5] - AI content viewing time increased by nearly 50%, attracting professional developers and industry experts to the community [5] Future Outlook - Bilibili's self-developed game "Escape from Duckkov" sold over 3 million copies globally within three weeks, generating over 200 million RMB in revenue, positively impacting Q4 earnings [3] - The company plans to continue its long-term operational strategy and focus on youth-oriented content to enhance user experience [3][5] - Bilibili aims to strengthen the synergy between community engagement and commercialization to foster a vibrant ecosystem [5]